Nymex Overview: Oil Futures Extend Gains on US-Iran Tensions — OPIS
Oil futures extended gains midday Thursday amid renewed U.S.-Iran escalation fears and little progress toward direct diplomatic talks.
As of 11:50 a.m. ET, November ICE Brent crude was trading $4.52 higher at $107.60/bbl, with December up $3.91 at $102.03/bbl. November West Texas Intermediate was trading $4.09 higher at $96.25/bbl, with December up $3.25 at $92.76/bbl.
Refined product futures were also moving higher. October ULSD rose 25.25cts to $5.0289/gal, with November up 16.45cts at $4.7981/gal. October RBOB climbed 6.26cts to $3.6496/gal, with November up 7.2cts at $3.4124/gal.
Oil futures had initially moved lower, but they rebounded as concerns about further regional escalation outweighed easing physical supply pressures. An adviser to Iran's Supreme Leader cautioned that Tehran could expand the conflict to the Indian Ocean if the U.S. or Israel attacks again, according to an AFP report citing Iran's Fars news agency.
Diplomatic progress remained limited. Iranian President Masoud Pezeshkian said Wednesday that Tehran was ready for negotiations, while U.S. Secretary of State Marco Rubio said recent diplomati...